The Ghana Chamber of Bulk Oil Distributors (CBOD) has issued a strong rebuttal to circulating reports indicating a critical fuel shortage looming in the country. In a recent interview with Citi News, Dr. Patrick Ofori, the Chief Executive Officer of the Chamber, provided reassurance to the public regarding the current fuel supply situation.
He emphasized that there is sufficient fuel available at the ports, with an expected increase in supply as stakeholders actively work to prevent any potential crisis.
Dr. Ofori explained that most Bulk Distribution Companies (BDCs) currently have products anchored at the port, with vessels discharging petrol. “Most of the BDCs currently have products at anchorage, with vessels discharging petrol,” he stated. He further indicated that over the next week or two, approximately 100,000 metric tonnes of petrol are expected to arrive in the country, dispelling any cause for alarm. According to Dr. Ofori, the members of the Chamber do not face any capacity or financial constraints, contradicting the concerns raised by other stakeholders in the industry.
While the CBOD maintains a positive outlook on the fuel supply situation, the Chamber of Oil Marketing Companies (OMCs) has raised alarms about a potential fuel shortage. Dr. Riverson Oppong, the Chief Executive Officer of the OMCs, attributes this looming crisis to the suspension of the gold-for-oil programme and the operational halt of Sentuo Oil’s refining activities. Speaking on the issue during an interview on GHOne TV, Dr. Oppong urged the government to take swift and decisive action to avert the anticipated shortage.
“The gold-for-oil program had a significant impact on the fuel supply chain,” Dr. Oppong explained. “When the gold-for-oil started, it peaked, and when it peaked, we in the petroleum sector saw this coming. Anytime you are drawing a graph and there is a peak, there is a fall, and we warned the government, but it wouldn’t listen.” He added that the suspension of this program and the cessation of operations at the Sentuo Oil refinery had created a precarious situation for fuel supply in the country.
Dr. Oppong noted that the current fuel shortage in the market is primarily due to a decrease in the supply of Premium Motor Spirit (PMS). He explained that BDCs ceased importing this fuel type largely because of the previous government’s gold-for-oil policy, which had altered the dynamics of fuel distribution and availability in the country. The Chamber of OMCs is now advocating for immediate government intervention to prevent further deterioration of the situation.
In contrast, Dr. Ofori of the CBOD reiterated that the current supply of fuel is stable and that measures are in place to ensure this continues. He acknowledged the concerns raised by Dr. Oppong but emphasized that the situation is manageable and that there are no immediate threats to fuel availability. He urged the public not to panic, highlighting that the oil distribution sector is well-equipped to handle any fluctuations in supply.
Both Chambers, while expressing different perspectives on the fuel supply situation, agree on the importance of maintaining effective policies and initiatives to ensure stability in the sector. Dr. Ofori called on the Mahama government to sustain the Bank of Ghana’s foreign exchange initiative, which he believes is crucial for stabilizing the currency and supporting the oil distribution industry.
He underscored that a stable currency is vital for the importation of petroleum products and that collaboration between the government and industry stakeholders is essential to navigate the current challenges.
The ongoing discussions around fuel supply in Ghana highlight the complexities of the petroleum sector and the interconnectedness of various policies. The gold-for-oil initiative, which was intended to alleviate financial pressures and streamline fuel imports, has faced scrutiny and has become a focal point in the debate over the current supply crisis.
Stakeholders in the industry are keenly observing the government’s response to these challenges, particularly in light of the implications for consumers and the broader economy.
As the situation evolves, the Ghana Chamber of Bulk Oil Distributors and the Chamber of Oil Marketing Companies continue to advocate for transparency and proactive measures to address the fuel supply concerns. The divergent views presented by the two chambers underscore the need for open dialogue and collaborative efforts to ensure that Ghana’s fuel supply remains stable and reliable.
Both organizations recognize that maintaining public trust and confidence in the fuel supply chain is crucial, especially as consumers rely on consistent access to petroleum products for their daily needs.
In conclusion, the fuel supply landscape in Ghana is currently characterized by contrasting assessments from industry stakeholders. While the Ghana Chamber of Bulk Oil Distributors assures the public of adequate fuel supplies, the Chamber of Oil Marketing Companies warns of potential shortages stemming from policy changes and operational disruptions.
The discourse surrounding these issues reflects the dynamic nature of the petroleum sector and the importance of effective policy implementation and stakeholder collaboration in ensuring a stable and secure fuel supply for the nation. As the government navigates these challenges, the focus remains on maintaining a robust and responsive fuel distribution system that meets the needs of the Ghanaian people.
